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  • Robert Kiyosaki

    I tried searching WCI website but haven't seen too much said about him.  After going podcast crazy first with WCI and other personal finance podcasts, I came upon Robert Kiyosaki's podcast.  I've been listening to them and find them interesting as he has different guests on but the discussions they have are not the mainstream advice.  Some of the discussions about the market and the multiple mentions of the market and basically whole economy "bubble" gives me pause, but I'm not necessarily changing anything with my investing in the market and real estate, but I am considering adding gold to the mix (tiny percentage).  Just wondering of other's opinions on his philosophy is?  His message about entrepreneurialism is good, but he's a bit arrogant, repetitive and sales pitchy at times.  However,  they do talk about finance from a different angle?  Anyone subscribe to their philosophy?

  • #2
    Oh, WCI has something to say about Robert Kiyosaki.  "I am hesitant to recommend this book because so much of it (and all his other books) are full of non-specific fluff."  See https://www.whitecoatinvestor.com/books-4/.

    John T. Reed has a bit more to say about Kiyosaki.  http://www.johntreed.com/Kiyosaki.html

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    • #3
      I was very much inspired by his Rich Dad Poor Dad book (despite what seem to be lots of made up content) and my fiance loves playing his Cash Flow board game.

       

      I've haven't listened to his podcast, so I can't comment on his "investing style".

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      • #4
        No one knows anything, and he's been wrong for many years. Didn't his company file for bankruptcy?

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        • #5




          No one knows anything, and he’s been wrong for many years. Didn’t his company file for bankruptcy?
          Click to expand...


          Are you kidding me? How did he go bankrupt? I thought he had a cash cow there.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #6







            No one knows anything, and he’s been wrong for many years. Didn’t his company file for bankruptcy?
            Click to expand…


            Are you kidding me? How did he go bankrupt? I thought he had a cash cow there.
            Click to expand...


            The company's bankruptcy was in 2012, I believe...but he personally was still sitting pretty.

            https://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/

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            • #7
              I found Robert Kiyosaki early in my financial education. I found him very inspirational. It was the first time I considered the downsides of home ownership. I had always considered for rich people that big houses are a complete asset. I also felt he oversold how easy it is to get rich and didn't give any real details on how to be successful.

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              • #8
                I also don't rate Kiyosaki, but I do like how he mentions that assets put money into your pocket, and liabilities take them out...and as such a primary residence is not an asset, but a liability.

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                • #9




                  I also don’t rate Kiyosaki, but I do like how he mentions that assets put money into your pocket, and liabilities take them out…and as such a primary residence is not an asset, but a liability.
                  Click to expand...


                  There are lots of pearls in his book. Like anything, take what is useful and leave the rest.

                  The big complaint people have about him (other than its all a lie) is that "it's not actionable." But the more entrepreneurism I do, the more I realize the vast majority of it isn't repeatable. Vague ideas are about all you can do.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #10
                    1.  He's clearly a liar

                    2.  Tons of his advice is bad and in some cases illegal.

                     

                    Not withstanding the above, I can see how some might find it vaguely inspirational even though I didn't myself.

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                    • #11




                      I also don’t rate Kiyosaki, but I do like how he mentions that assets put money into your pocket, and liabilities take them out…and as such a primary residence is not an asset, but a liability.
                      Click to expand...


                      Read him way back in the day and also took that away. Quite frankly while he is mostly FOS this was a huge lesson for me at a pretty young age.

                      I remember someone once trying to sell me a timeshare when I was in residency and he kept describing it as an "asset." Being relatively financially naive I was starting to think he might be on to something.

                      MPMD: so what's the return on this asset? will it appreciate?

                      sales guy: well... i wouldn't think of this condo as an appreciating asset

                      MPMD: uh, that's called a liability.

                       

                       

                       

                      as an aside: does anyone want to buy a timeshare?

                       

                      j/k

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                      • #12
                        I don’t know who Robert Kiyosaki is, and I don’t care enough to try to find out. I gather from this thread that he offers financial advice. In this thread people have discounted his advice because (i) he lied about something and (ii) he filed bankruptcy.

                        (A) the advice can be good even though the person is bad and (B) a piece of bad advice or a bad action doesn’t automatically mean the person’s entire body of work is now flawed. Today’s society has odd notions that changing your mind is a sign of weakness, being a hypocrite invalidates all your ideas, anyone who does something wrong should be forgotten and erased, etc. The world isn’t black and white. Stop looking for some perfect person that has all the answers.

                        For what it’s worth a house is a depreciating asset. That’s it. Not a liability. Financial ideas aren’t difficult. Let’s stop confusing people with over complications like houses are liabilities and mortgages are negative bonds.

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                        • #13
                          I will say he was the one that first got me into finance when I was a teen but I have found better financial mentors since then.

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                          • #14
                            Actually I should rephrase, I'm not so interested in Robert Kiyosaki, but his take on the current economy (no stocks, real estate and gold).  His podcasts present viewpoints I haven't heard before.  On his podcasts over the past 2 months he has had these guests on, doug casey, dennis gartman, david stockman (contraian economists?) who all feel that the economy and stock market bubble is about to pop.  (and not just pop for some of these guys but collapse, doom and gloom talk).  Arguments like the fed keeps printing money and dumping into the system causing the dollar to have no value, the stock market is artificially inflated due to companies borrowing money at zero interest and doing huge stock buy backs, upcoming rising interest rates etc...

                            I know the WCI and others have said the market is always at an all time high and I get it and agree, but are guys like these way out there or are they just nay-sayers waiting for the day that their argument comes true?

                            I'm not an economist expert by any means, I've been saving cash for years and only this year finally got my finances in order and put a large portion of my portfolio into the market in feb after the last mini correction in a wealthfront after tax account (maxed out pre-tax).  I've still got 10 more years before retirement so I'm fine with corrections, but I guess I hear the little voice in the back of my head saying are you sure this was the right time?  Just looking for any level headed discussion on where we might be headed?  I guess that is why we diversify and hold firm and don't time the market!

                            Thanks!

                            G2P

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                            • #15
                              Hes clearly a huckster, the only thing I hear about him now are the incessant RE conventions and get rich seminars he gives. Im sure he has some valid points, but as I say, you can find those in more tolerable packaging and have no need for him in particular.

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